The Immovable Property Tax Law and the Immovable Property (Towns) Tax Law

Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.

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The immovable property tax is levied on the market value of the property as assessed on the 1st January 1980 and it refers to the immovable property registered in the name of the tax payer on the 1st January of each year.

The rate of taxation is as follows:

VALUE OF PROPERTY IN CY£       RATE           CUMULATIVE TAX IN CY£
Value from     Value to

    -          100.000         0%                      0
 100.001       250.000         0.2%                  300
 250.001       500.000         0.3%                1.050
 500.001         over          3.5%

Owners of immovable property are also subject to minor taxation under other laws, such as municipal or village rates, sewerage fees and refuse collection charges, ranging from CY£50 to CY£100 per annum.

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The Immovable Property Tax Law and the Immovable Property (Towns) Tax Law

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